Understanding the terms and conditions of an insurance contract, comparing offers from various insurance companies and choosing the best option is practically an impossible task for a layperson. That is why people usually contact an insurance agent who knows the market well and can make the process of choosing the right insurance option much easier. RIXO, on the other hand, is opting for maximum digitalization and automation of this process, with only a limited human role in it. It makes sense: all you need to have in order to compare offers based on fixed parameters is "just" an algorithm that is robust enough to substitute or even surpass human decision-making. RIXO was able to develop such algorithm. It uses machine learning to compare the offers from various insurance companies and chooses the best one for a particular client.
"We are using our unique knowledge base of insurance products on the Czech market and our in-house developed algorithm to asses the quality of existing insurance contracts, comparing offers from various insurance providers, and choosing the best available one for a particular client. That covers the technical aspect of the process," says RIXO.cz co-founder Martin Ždímal.
Another task for traditional insurance agents is to maintain personal contact with the client. In the online environment, the personal form of communication has to be substituted by digital communication that needs to be highly personalized for a specific client. To deliver on this front, RIXO chose a cloud CRM solution from Salesforce – specifically, the Service Cloud platform to handle the client base, and the Marketing Cloud platform for automation of marketing across various digital communication channels.
Every new client comes in contact with marketing automation as soon as they register through the RIXO online portal. What used to be a lengthy talk between the client and the agent is now a user-friendly online walkthrough in which the client specifies their needs in just a few steps. Whether they are interested in a new insurance contract or uploading and comparing their existing contracts, the process takes just a few minutes. It is done either online at RIXO.cz website, or through the mobile app, which is also connected to Salesforce.
Another benefit of implementing the Salesforce marketing solution is the possibility to use all the available online channels, i.e. the popular 'omnichannel communication' buzzword. The client may begin their registration process on their desktop computer, but as soon as they need to upload their existing home insurance contract, they can move to their smartphone with just one click and take a photo of the contract.
In case a client installs a RIXO mobile app, that channel will be automatically set as preferred for communication. In case the client prefers mobile or desktop web interface, the communication will flow through those channels. The user experience needs to adapt to the user's needs – not the other way round.
All these channels are administered through a single interface of the Marketing Cloud platform. Currently this concerns mainly email and SMS communication and support for the mobile app. In the future, it can be expanded by integrating social networks, digital advertising platforms or personalized landing pages. This single point of administration is a great way for RIXO to accelerate implementation of new solutions as well as testing various strategies to deliver the best user experience for their services.
Salesforce Service Cloud and Marketing Cloud are two separate platforms that can be used independently of each other. Their greatest strength however lies in their interconnection and use of data from CRM in marketing activities, and vice versa. Thanks to this connection, the marketers may use all the client data that are stored in the CRM to create personalized messaging and automated programs that rely on client interactions.
The following situation is a typical example of automation of the offer process. The client has uploaded their insurance contracts into the RIXO system which automatically processes them and evaluates them. The system records data such as the insurance amount, insurance contract terms, date of expiration of the contract, etc.
Part of the data from the contracts is automatically uploaded into the Service Cloud where the insurance agents can see it, and at the same time, the data is available in Marketing Cloud to create automated processes. The marketer can then see when the contract expires, and based on that, send a personalized offer to the client at the right time, including a comparison of their soon-to-expire contract with other options. As soon as this process has been set up, it can run for the most part without human interaction. To ensure process safety, before the insurance agent sends an offer, they receive a notification in Service Cloud to check that all the details are correct, and as soon as they confirm the details, the message is sent to the client. This solution makes it possible to contact the clients with an offer that is fully equivalent to what an insurance agent could offer during personal contact.
The connection between CRM and the marketing platform is advantageous from the opposite point of view as well. Every communication that is sent to the client, whether it is an email with an offer, a SMS reminder or a newsletter, is immediately visible in the CRM system, and the agent may react instantly to any client's request that arises in response to the message.
The automation of CRM and marketing processes helps reduce the amount of human activities. The insurance agents may focus on personal contact on those occasions when it truly matters, and the marketers have a set of tools at their disposal to build a fully customer-centric experience. A solution like this is extremely scalable. The development is agile, processes may be adjusted easily, and the solution works well for one hundred clients as well as for half a million clients. That is a major competitive advantage for RIXO as a start-up service, and it enables rapid growth as well as easier roll-out from the Czech market into international markets.